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EXPLORATION

Russia scales back Arctic plans

JUST days after Shell's humiliating defeat at the drillbit in the Arctic, the Russian bear has announced a dramatic scaling back of its own drilling plans, from 14 wells to a mere two in 2017, with all drilling on the Arctic shelf delayed by up to three years.

Haydn Black

State-owned energy giants Rosneft and Gazprom are delaying plans for at least 12 wells due to sanctions and weaker oil prices, according to the country's Ministry of Natural Resources and Environment....

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